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House buying and selling by foreigners grows 20 per cent in the first half of the year

It seems undeniable that the foreign investors find Spain the ideal country to buy flats. This is evident from the 43,519 deals carried out in our country in the first half of 2016, which was 19.7 per cent more than in the same period of previous year. This data is given by the General Council of Notaries.

Taking into account the total completions of sale made during the first six months of the year, the results reveal that 20.3 per cent of them have been executed by foreign buyers. Surprisingly, this upward trend has been seen since 2007, when the economic crisis erupted.

On the other hand, 50.5 per cent of the purchase transactions were carried out by foreigners without residence in Spain, while those carried out by residents grew by 21 per cent. This growth is higher than that of non-residents, which stands at 18.4 per cent. With the exception of La Rioja, Ceuta and Melilla, all the cities and Spanish autonomous communities showed growth in the number of transactions carried out by foreigners.

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The national average growth is established at 19.7 per cent. Only three autonomous communities experienced increases below this average: Andalucía (14.3 per cent), Comunidad Valenciana (16.6 per cent) and Madrid (19.1 per cent). The remaining town that exceeded this average was Cantabria, with 71 per cent.

The Germans, the British and the French are the citizens of foreign countries who show more interest in purchasing houses in Spain. Without doubt, their favourite places are the Canary Islands, the Balearic Islands, Valencia, Murcia and Andalucia. Extremadura, Galicia, País Vasco, Castilla and León are also the other attractive options. 

The British are the ones with the most sale transactions at 19 per cent. Not far behind are the French with 8 per cent, while the Germans remain at 7.8 per cent. They are then followed by the Italians (6.5 per cent), the Swedes (5.9 per cent) and the Romanians (5.7 per cent). These people far exceed the 50 per cent of the total property sales by foreigners in Spain.

Regarding the average price of square metres in the purchase of homes in our country by foreigners, it should be said that it stands at 1618 euros, ie an increase of 2.3 per cent based on the interannual rate. Also, the price paid by foreigners without residence grew by 4.3 per cent, thus reaching 1855 euros per square metre. In contrast, these figures are reduced to 0.5 per cent and 1359 euros per square metre when talking about resident foreigners.


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